International General Insurance Holdings (IGI), the specialist commercial re/insurer, has received regulatory approval from the Bermuda Monetary Authority (BMA) for its planned business combination with Tiberius Acquisition Corp., which will result in the public listing of IGI.
First announced back in October 2019, this deal prices IGI at approximately 1.26x its book value of $316 million (as of June 30, 2019), implying a total deal value of roughly $398 million.
Under the terms of the agreement, IGI and Tiberius will combine under a new holding company to be domiciled in Bermuda, called International General Insurance Holdings Limited, Bermuda (IGI Holdings).
Approval from the Bermudian regulator therefore represents one of the necessary steps towards the successful completion of the transaction.
However, IGI is still awaiting approval from additional regulatory agencies including the Prudential Regulation Authority (UK) and the Dubai Financial Services Authority.
Following the transaction, IGI Holdings will be listed on the Nasdaq Capital Market under the symbol IGIC, with expected pro forma market capitalisation of $550 million.
Tiberius is a blank check company with over $200 million of capital in trust and forward purchase commitments.
It was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with target businesses in the re/insurance sector.
